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The Milwaukee Foreclosure Mediation program will bea court-based independent mediation option for lenders and The program, located at the Milwauke County Courthouse, will seek to alleviatre the current backlog of foreclosure casesz in the county courtf system by offering the option of mediatio n to residential homeowners who reside in owner-occupied According to the Law School, in most cases, successful mediation will serv as a venue to work out new loan a short sale or other solution that is mutually agreeable, and execute a final agreement betweem the parties.
The funding includes proceeds from a settlementwith Countrywide, which was accused of misrepresentinv the quality and benefits of its products. Undedr the settlement, announced in February, Countrywide agreed to pay $1.6 million for foreclosure relief benefits. The mortgage lending giant also agreedx to waive various loan fees and modify loans for customers that could result in a total settlemengt valueof $41.1 million, according to the Attorney General'd office. Beginning May 28, an informational phone line will be operationalk for those interested in learninf more aboutthe program. Interested parties may call 414-288-4040. Mediation activitiew will begin afterJuly 1.
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